The Different Types of Bankruptcy

U.S. federal law provides for six different types of bankruptcy, of which three are the most common: Chapter 7, Chapter 11, and Chapter 13. Before we discuss the details, I’d like to explain why we use such odd names. In order to do so, I need to digress for a moment to explain how U.S. federal laws are organized. (Actually, you may find this interesting in its own right.) Harley Hahn The sheer number of federal laws is so large as to defy understanding. Not only are countless laws already on the books, but there are many changes every year. In fact, every time Congress passes, modifies, or repeals a law, someone has to keep track of the changes. This job is so important that there exists an entire government department devoted to this task. This organization is the “Office of the Law Revision Counsel of the U.S. House of Representatives” (usually referred to as the “LRC”). read more at: http://www.independent.com/news/2013/apr/28/different-types-bankruptcy/